Contributed by: Security Benefit
Many of us hate going to the dentist. We put it off, and what may have been a workable problem becomes much more difficult (and painful). The same can be true about saving for retirement. The results of the annual Employee Benefit Research Institute’s (EBRI) Retirement Confidence Survey® reported that only 18 percent of Americans who said they were very confident they would have enough savings for a comfortable retirement.1 Nearly 25% indicated they were not at all confident they will have a comfortable retirement.
If you lack confidence about your retirement, there’s something you can do about it. Contact a local financial representative working with Security Benefit (the NEA Member Benefits sponsored investment company) to discuss how you can supplement your state-sponsored retirement plan. Some experts say you should plan for as much as 100 percent of your pre-retirement income in retirement. Your state pension and Social Security (if available) will likely fall short of that goal.
Talk with that financial advisor to help you understand some of the basic questions or issues you might face in retirement. They should be able to help you understand what your pension benefit will be, when to take your Social Security, and help you identify any income gaps you may have in retirement.
Contact that local financial advisor about starting or reviewing your retirement savings plan—before it becomes as painful as “pulling teeth!”
Please contact IEA Member Benefits at (208) 344-8336 / (800) 223-6583 for assistance locating your nearest representative.